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Please enjoy this information that is designed to help inform you as you pursue your financial independence. We are passionate about what we do and love who we serve. Becker Retirement Group provides insurance and investment products to help you work towards your retirement goals.

Not everyone has dramatic success as an investor. For many, the key isn’t to have great stock market insights or great luck, but rather the foresight to consistently invest in regular installments over a decades-long timeframe. This is a prudent and time-tested means to accumulating a nest egg for retirement.

However, growing assets in a retirement investment portfolio is different from creating a retirement income plan. Ultimately, the goal is to provide an enduring stream of income in retirement, and to do that, retirees must have a well-thought-out strategy for how to withdraw their accumulated assets. This includes considering ways to help reduce taxes.

Here are two ways to approach a retirement income plan. The first is to figure out how much money you will need to live on during retirement. Many people put together a list of expenses based on their current household spending, making adjustments for things like less money spent on mortgages, clothes and transportation and allocating for higher spending on entertainment (initially), health and long-term care expenses (eventually). Then they position their financial portfolio in an effort to meet that monetary goal.

Another way to approach retirement spending is to figure out how much income you can reasonably expect based on your current income, savings rate and accumulated assets. For many people, Social Security represents a large portion of their retirement income. One source to help determine how much income you’ll receive in retirement is the Social Security Administration’s “Retirement Estimator.” This is an online tool at www.ssa.gov that requests personal information (including prior year taxable income) to verify your identity. It then provides an estimate of your benefits payable beginning at retirement age 62, 67 or 70.1

Once you’ve estimated how much your income resources may provide, you can adjust your retirement lifestyle accordingly. If you don’t perceive having enough income to provide for the lifestyle you enjoy prior to retirement, it may be wise to consider “downsizing” before the big day.

By downsizing early on, you may be able to reposition current assets — such as a large family home, second home, boat or other high-ticket item — to another financial vehicle designed to provide retirement income. The earlier you do this, the more time that alternative financial vehicle may have to potentially grow.

Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product.

*Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured.

The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.